PolarCool (POLAR) Q4 2025 earnings summary

Executive summary

• Achieved 28% year-over-year net sales growth in Q4 2025, driven by new contracts and high renewal rates among elite sports clubs.

• Strengthened financial position through a fully subscribed rights issue, raising approximately 12 MSEK to support expansion and regulatory efforts.

• Continued expansion in Europe with new and extended agreements in ice hockey, rugby, football, and handball.

• Advanced regulatory approval process for North America, completing the final MDSAP audit stage, with product launch in Canada and the US targeted for H1 2026.

Financial highlights

• Q4 2025 net sales: 740 TSEK (577 TSEK Q4 2024), up 28%.

• Full-year 2025 net sales: 2,397 TSEK (2,083 TSEK 2024), up 15%.

• Operating result Q4: -4,899 TSEK (-2,938 TSEK Q4 2024), impacted by one-time regulatory and sales expansion costs.

• Cash and cash equivalents at year-end: 1,405 TSEK (7,380 TSEK 2024).

• Equity at year-end: 13,260 TSEK (12,468 TSEK 2024), equity ratio 78% (82%).

Outlook and guidance

• Focus on scaling up operations and achieving profitability in Europe by increasing the installed base to 150–180 systems.

• North American launch planned for H1 2026, pending regulatory approvals.

• New financing enables continued investment in marketing, sales, and clinical evidence.